The Community Youth Center (CYC) Corporation failed to pay its annual registration fee in 2000 and was
Question:
CYC challenged the foreclosure on the grounds that the president, vice president, and treasurer of CYC had no authority to enter into the 2005 loan agreement because CYC’s corporate status had been terminated and it no longer existed as a corporation. The bank responded that CYC had continued to hold itself out as a corporation and that it relied on that existence in making the loan. What should the court hold in this case and why? [First Community Bank, N. A. v. Community Youth Center, 2010 WL 8696179 (Va. Cir. Ct. 2010).]
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Foundations of the Legal Environment of Business
ISBN: 978-1305117457
3rd edition
Authors: Marianne M. Jennings
Question Posted: